The impact of ownership type on intellectual capital – the case of Iran

Mahdi Salehi; Sahar Jabbari; Grzegorz Zimon; Mahdi Salehi; Sahar Jabbari; Grzegorz Zimon

doi:10.3934/NAR.2026012

National Accounting Review

2026, Volume 8, Issue 2: 255-298. doi: 10.3934/NAR.2026012

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Research article

The impact of ownership type on intellectual capital – the case of Iran

1.
Department of Accounting, Faculty of Economics and Administrativ Sciences, Ferdowsi University of Mashhad, Mashhad, Iran
2.
Department of Finance, Banking and Accountancy, Faculty Management, Rzeszow University of Technology, Rzeszow, Poland

Received: 19 August 2025 Revised: 10 February 2026 Accepted: 06 March 2026 Published: 29 May 2026
JEL Codes: M40, M41, M42, M49

In this study, we examined the relationship between ownership structures and intellectual capital efficiency, employing an innovative approach that decomposes structural capital into customer, process, and innovation capital components within the unique context of the Iranian economy. We utilized data from 1,376 firm-year observations of 172 companies listed on the Tehran Stock Exchange from 2013 to 2020. The findings revealed that family, institutional, and multi-level ownership structures have a positive and significant relationship with overall intellectual capital (IC) efficiency and its key components: human capital and structural capital. Crucially, the analysis of disaggregated structural capital yields differentiated strategic insights: While these ownership types show positive associations with customer and process capital, a significant negative relationship emerges between multi-level ownership structures and innovation capital. This novel finding highlights how distinct ownership types adopt divergent strategies for managing intangible assets. The research provides valuable insights for policymakers, investors, and corporate managers aiming to optimize ownership structures and enhance intellectual capital management in emerging markets.
- intellectual capital,
- ownership structures,
- accounting,
- Iran
Citation: Mahdi Salehi, Sahar Jabbari, Grzegorz Zimon. The impact of ownership type on intellectual capital – the case of Iran[J]. National Accounting Review, 2026, 8(2): 255-298. doi: 10.3934/NAR.2026012

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Abstract

In this study, we examined the relationship between ownership structures and intellectual capital efficiency, employing an innovative approach that decomposes structural capital into customer, process, and innovation capital components within the unique context of the Iranian economy. We utilized data from 1,376 firm-year observations of 172 companies listed on the Tehran Stock Exchange from 2013 to 2020. The findings revealed that family, institutional, and multi-level ownership structures have a positive and significant relationship with overall intellectual capital (IC) efficiency and its key components: human capital and structural capital. Crucially, the analysis of disaggregated structural capital yields differentiated strategic insights: While these ownership types show positive associations with customer and process capital, a significant negative relationship emerges between multi-level ownership structures and innovation capital. This novel finding highlights how distinct ownership types adopt divergent strategies for managing intangible assets. The research provides valuable insights for policymakers, investors, and corporate managers aiming to optimize ownership structures and enhance intellectual capital management in emerging markets.

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